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ECB Rushes to Tighten as Half-Point Hike Matched by Crisis Tool

  • First increase in more than a decade brings deposit rate to 0%
  • New instrument designed to avoid market jitters as rates rise
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ECB's Lagarde: Inflation to Remain Undesirably High for Some Time
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The European Central Bank raised its key interest rate by 50 basis points, the first increase in 11 years and the biggest since 2000 as it confronts surging inflation even as recession risks mount.